Shiba Inu bulls can't hold SHIB from dropping to $0.000006

Shiba Inu price has fallen -28% over the past four trading sessions.
Bears remain in control as bulls fail to complete a breakout above $0.000008.
Bulls must hold $0.000007 to prevent a drop towards $0.000006.

Shiba Inu price continues to follow the path of the aggregate crypto market. However, significant selling pressure over the past four days has weakened bulls' resolve and put significant pressure on any longs who entered the market about $0.00008.

Shiba Inu price to test $0.000006, bulls anxious as prices move lower

Shiba Inu price action has been a source of frustration for both investors and speculators alike. There exists a significant and persistent trading range that neither bulls nor bears have been able to break. There was some early evidence that a breakout may occur and break months of stagnation over the past weekend, but that did not occur.

Instead, Shiba Inu price fell by a staggering -28% to return to the present $0.000007 trading range. The critical level that will dictate a breakdown towards $0.000006 is the Chikou Span moving below the candlesticks and the bottom of the Cloud (Senkou Span A). If that occurs, then the current sentiment on the Ichimoku chart will be overwhelmingly bearish.

SHIB/USD Daily Ichimoku Chart

However, given the constricted trading range, Shibu Inu bulls have an equal chance to pull the rug out from under the bears. For example, if bulls were to push Shibu Inu price to a close at $0.000008, the Chikou Span would be above the candlesticks and the Cloud. This would likely create a condition that begins the process of breaking out higher from the consolidation zone.

Like this article? Help us with some feedback by answering this survey:

Share: Cryptos feed

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Join Telegram